The Marketing Mix
Continually applying SWOT analysis provides the data required to assemble an effective Marketing Mix.
The Marketing Mix is the framework that a marketing strategy is designed around. There are 4 elements, collectively known as the 4P’s.
Ideally; a well designed, thoroughly tested, item that is manufactured to high standards that is backed by good customer service/support. This is the item that satisfies the need/want of the target market, including the development of the brand name, packaging and labeling.
When developing a Product Strategy, be certain to consider the target market’s needs and desires. Do those needs and desires warrant developing more products? Should the current model be modified? Or, is it time to discontinue?
Even the best-targeted, well-crafted product will fail if priced incorrectly. A balance must be struck between being profitable (covering costs of R&D, distribution, and overhead) and being reasonable to your customers.
The Pricing Strategy should be constantly analyzed and be flexible enough to respond to changes in the market. In a world where many similar products are available, it is often the price that determines the final purchasing decision. Price is often regarded as the single most important element of the marketing mix.
AKA Distribution; this area includes all of the variables in getting the product to the market at the correct time.
A solid Distribution Strategy considers the customers’ needs, desires, and purchasing habits. Warehousing, inventory control, and efficient transportation are key elements, but the selection of the proper Distribution Channel and Level of Distribution must also be considered.
This area encompasses communication with the market. Methods of promotion include print, radio, TV, Outdoor, Internet advertising, publicity events, and sales promotions. In order to reach your target market, you must know where to find your potential customers. Often, this means understanding their lifestyle as well as their needs and desires.
is the practice of employing multiple promotional methods simultaneously. For example, an ad that prompts potential customers to look for an upcoming mailer that coincides with promotions at local retailers.